Isham Jones Realty – Your Crossville, TN Real Estate Agent
Home Buying | What You Need To Know When Buying Real Estate in Crossville, TN
When you hop on your computer or start searching for properties on your smartphone you can quickly become overwhelmed with the options out there. When you start the real estate buying process there are a few things you need to keep in mind that will make the process go easy, relieve the stress and in the end, make it a joy filled experience. Home buying should be a fun and exciting time, Isham Jones Realty team can help make it that way.
Get pre-approved before you shop
Getting pre-approved will you save yourself the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history. Need help with this?
Buy what you can afford
The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you’ll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.
Use the mortgage calculator to get the answers you need before you fall in love with a home that may be out of your price range.
Good school districts win
In most areas, this advice applies even if you don’t have school-age children. Reason: When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.
Points vs. Rate
When picking a mortgage, you usually have the option of paying additional points — a portion of the interest that you pay at closing — in exchange for a lower interest rate. If you stay in the house for a long time — say three to five years or more — it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.
Avoid headaches by hiring a home inspector
Sure, your lender will require a home appraisal anyway. But that’s just the bank’s way of determining whether the house is worth the price you’ve agreed to pay. Independently, you should hire your own home inspector, a licensed professional with plenty of experience in doing home inspections in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road. Your Isham Jones Realty agent will have recommendations for you.